Puri also said that there were many smaller pieces in the portfolio that required support from institutional strengths, and that’s why they structured the way they were TopicsITC|hotel business|Hospitality industry Diversified conglomerate, ITC, will examine an alternative structure for its hotels business. Answering questions on the companys restructuring plans, ITC Chairman Sanjiv Puri said at…
New data from the Reserve Bank of Australia (RBA) has revealed that Australians paid down a total of $5.5bn in credit card debt since the start of COVID-19. In addition to this 20% reduction in debt, nearly half a million credit card accounts were closed over the four month period. One of the few positivesfrom…
YONHAP News On August 28, Japanese Prime Minister Shinzo Abe said that he would resign due to his failing health. Three names are being cited as possible successors to Abe, with Chief Cabinet Secretary Yoshihide Suga emerging as a clear favorite in the race. Under Japans parliamentary political system, the leader of the ruling Liberal…
A development company that once boasted a $3.5bn pipeline of apartment projects in southeast Queensland is exiting the state amid continuing uncertainty over the future of the construction sector. Urban Construct Qld and associated companies are being wound up voluntarily by its shareholders with a liquidator put in charge of the company’s affairs. The company…
CLOSE Even before the pandemic, when the economy was humming, many people were struggling with their finances. Now, many more are in trouble. These are resources to help. (Photo: Getty Images/iStockphoto) The COVID-19pandemic and economy-shutting measures to contain it came on quickly, over a matter of weeks. But the financial fallout from job losses, reduced…
CreditorWatch chief executive Patrick Coghlan said Victoria would be “even worse off” following Premier Daniel Andrews’ announcement on Sunday of a longer lockdown. “It would’ve been extremely difficult and unpopular not to extend [insolvency safe harbour] but there was no choice from a political point of view in Victoria,” Mr Coghlan said. He said the…
The extended relief will also help to maintain confidence, allowing viable businesses to survive as they adapt to a new COVID-safe economy. Banks are already preparing to deal with company failures. ANZ chief executive Shayne Elliott said on Friday that the bank was building up teams to deal with the pain next year. “We do…
MUMBAI: The RBIs norms on corporate loan restructuring are likely to exclude a large number of companies as bankers expect advances worth only Rs 2-3 lakh crore will qualify for recast.A five-member committee headed by K V Kamath, constituted by the RBI to look into the parameters within which restructuring can be allowed, has submitted…
Popular chain Pizza Express said on Monday that creditors had approved restructuring plans that will close 73 of its restaurants and put as many as 1,100 jobs at risk in the UK. In a statement, the company said that 89% of its creditors voted in favour of its proposed company voluntary arrangement (CVA) restructuring deal,…
Treasurer Josh Frydenberg. Source: AAP/Daniel Pockett. The Morrison government has extended temporary bankruptcy protections that save small business owners from personal liability for trading while insolvent during the COVID-19 pandemic. Initially announced in late-March, the insolvency and bankruptcy protections were slated to expire later this month, but will now last until December 31. These relief…